Texas Finance Code - Section 92.058. Decision On Application To Incorporate; Issuance Of Certificate Of Incorporation
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§ 92.058. DECISION ON APPLICATION TO INCORPORATE;
ISSUANCE OF CERTIFICATE OF INCORPORATION. (a) Not later than the
30th day after the date the hearing ends, the commissioner shall
enter a final order approving or denying the application.
(b) The commissioner may approve an application to
incorporate only if:
(1) the prerequisites to incorporation required by
this chapter are satisfied;
(2) the character, responsibility, and general
fitness of each person named in the articles of incorporation
command confidence and warrant belief that:
(A) the business of the savings bank will be
honestly and efficiently conducted in accordance with the intent
and purpose of this subtitle; and
(B) the savings bank will have qualified
full-time management;
(3) there is a public need for the savings bank;
(4) the volume of business in the community in which
the savings bank will conduct its business indicates a profitable
operation is probable; and
(5) the operation of the savings bank will not unduly
harm an existing savings bank or state or federal savings and loan
association.
(c) On finding that each requirement of Subsection (b) is
met, the commissioner shall:
(1) enter an order approving the application and
stating the findings required by Subsection (b);
(2) issue under official seal a certificate of
incorporation;
(3) deliver a copy of the approved articles of
incorporation and bylaws to the incorporators; and
(4) permanently retain a copy of the articles of
incorporation and bylaws.
(d) On delivery of the certificate to the incorporators, the
savings bank:
(1) is a corporate body with perpetual existence
unless terminated by law; and
(2) may exercise the powers of a savings bank
beginning on the date the commissioner certifies receipt of
satisfactory proof that the savings bank has received, free of
encumbrance, the required amount of capital.
(e) If the commissioner cannot make all findings required by
Subsection (b), the commissioner shall enter a written order
denying the application and stating the grounds for denial. The
commissioner by certified mail shall deliver a copy of the order to
the designated representative of the incorporators.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 92.051 92.052 92.053 92.054 92.055 92.056 92.057 92.058 92.059 92.060 92.061 92.062 92.063 92.101 92.102
Last modified: August 10, 2007
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